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WHY DO I WANT TO DAY TRADE BITCOIN & OTHER CRYPTOCURRENCIES – WHAT ARE MY DRIVERS?

A simple question yet one that any day trader should take some time to answer honestly. The cryptocurrency market is still in its early stages yet has gathered more column inches and press coverage than any other asset class in the last two years. This coverage ranges from doom and gloom and ‘bubble bursting’ predictions to tales of instant millionaires, a jet-set lifestyle and garishly coloured Lamborghinis. Ignore Them. Traders must know when they enter this volatile marketplace their primary objectives, be they short-term trading, long-term investing, part-time trader, full-time trader or just someone who wants to use the crypto-currency space to become comfortable with volatility before moving to another asset class.

BE COMFORTABLE WITH THE MARKET - BE COMFORTABLE WITH YOURSELF

To become comfortable and confident with the market you need to practice and learn, and keep doing this throughout your journey. As one of the world’s greatest golfers Gary Player once said, “The harder I practice, the luckier I get”. And this is a truism as practice breeds confidence, not from just showing you what you are doing right, and helping you ingrain that in your daily trading activity, but equally importantly it also shows you what you are doing wrong. Online Trading Academies are also a valuable source of information and should be used at all stages of your trading journey. New traders should open a demo account before they commit any money to the market and apply different technical trading techniques alongside rigorous fundamental market analysis and execution set-ups. When learning lessons remember how you got there by recording both winning and losing trades, why you entered the trade, why you put specified profit and loss limits, why you put that particular amount of money at risk and how you felt after the trade was closed. Again, be honest as these experiences will help you in the future by giving you a real-life example of how and why trades go right or wrong.